What is error and omissions coverage? It is a form of general liability insurance (California companies sometimes refer to it as professional indemnity) that can help protect you if you or someone in your business does or forgets to do something that results in losses for one of your clients. It isn’t an automatic part of general liability insurance coverage, so you have to add it to your business insurance package.

Who needs this type of coverage? It is particularly pertinent for businesses that fall into the service sector. These include businesses such as real estate companies, IT companies, home maintenance businesses, hairdressers, beauty salons, interior designers, mechanics and a range of consulting service providers. 

If, as a regular part of your business, you offer a promise or commitment to your client, this type of coverage can be important. That promise doesn’t need to be specific – it can be an expected level of competence based on what you do. If your services fall short and a client suffers a loss or damage, you could be found liable. 

Many small B2B companies neglect to take out this type of coverage when they begin operating, particularly if they’ve received a high quote. However, it doesn’t have to be expensive to obtain errors and omissions coverage and general liability insurance; California business owners can simply ask their local independent insurance agent to compare quotes for them and have these policies added to their business insurance.

Posted 12:00 AM  View Comments

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